- Gary Gensler will step down as SEC chairman on January 20, paving the way for new SEC leadership.
- According to Ripple’s CEO, Trump’s victory is already having a positive impact on the company.
Ripple [XRP] is up 15% this year and is at $2.40 at the time of writing. After these gains, the token is already surpassing most cryptos, including Bitcoin [BTC].
XRP is poised for significant price movements this month due to several developments that could bode well for its legal status.
In October last year, the US Securities and Exchange Commission (SEC) filed a request appeal in a four-year legal battle to clarify XRP’s status as a security or commodity.
While the appeal at the time dampened XRP’s prospects, an impending shift in SEC leadership has renewed optimism for a positive outcome.
Will Gensler’s resignation impact the SEC case?
The SEC’s current chairman, Gary Gensler, is expected to leave his position on January 20.
Gensler announced his departure from the regulatory body in late November, a move seen as an end to the SEC’s anti-crypto stance.
Trump has already done that picked former SEC Commissioner Paul Atkins as the next SEC Chairman. Atkin’s appointment was well received by the crypto community.
Ripple CEO Brad Garlinghouse noted that he:
“Bring common sense back to the agency.”
This change in leadership could mark a turning point for XRP and potentially cement XRP’s non-securities status.
The “Trump Effect” is good for Ripple
According to Garlinghouse, Trump’s election victory is already having a positive effect on Ripple.
In a recent X (formerly Twitter) post he said revealed that Ripple had closed more deals in the last six weeks of 2024 than in the previous six months, noting:
“2025 is here and Trump’s bull market is real. For Ripple, this is even more personal after Gensler’s SEC effectively froze our business opportunities here at home for years.”
While responding to Garlinghouse’s tweet, John Deaton said noted that Ripple’s growth was evidence of the previous damage done to US companies due to a lack of regulatory clarity.
Deaton noted that in addition to facing regulatory uncertainty, Ripple was also a victim of government force majeure and selective enforcement.
Is XRP Poised for Profit?
Ripple’s legal battle with the SEC has suppressed its price performance over the years. However, with Trump’s victory already boding well for Ripple, the token could rise once the new SEC chairman takes office.
Moreover, the positive developments in the SEC versus Ripple case previously bode well for the price. Therefore, if the call is withdrawn, it could precede a new uptrend.
